Kris Mars Marszalek, CEO of the platform, reported on the status of the cryptocurrency exchange's reserves.

According to data released by Crypto.com exchange CEO Kris Mars Marszalek, 20% of all company reserves are held in Shiba Inu (SHIB), a meme cryptocurrency generally used in the market for speculation.

Kris Mars Marszalek shared links to a Nansen dashboard illustrating that Crypto.com has more than $2 billion in reserves. This exchange house is ranked 19th in the ranking of exchanges made by CoinMarketcap

"This represents only a portion of our reserves: around 53,024 BTC, 391,564 ETH, combined with other assets for a total of nearly $3 billion," the Crypto.com CEO noted in a preview. “While the Proof of Reserves audit is being prepared,” he added

In any case, in the breakdown presented by Kris Mars Marszalek, 30% of the company's reserves are in bitcoin (BTC), 20% in SHIB, 17% in ether (the cryptocurrency of the Ethereum network) and only 12% it is held in the stablecoins USDC and USDT.

However, the status of Crypto.com reserves is something that some members of the community are concerned about, something they are making clear on Twitter. They question the fact that this exchange has a high percentage in SHIB and another high percentage (apparently another 20%) in its native CRO token.

They ask for more value to the utility to subtract from the speculation

Regarding the crisis that affects the entire cryptocurrency ecosystem, another actor in the industry recently spoke out

This is Jeremy Allaire, CEO of Circle, who believes that, for the good of the industry, it is necessary to take care that projects are not based on tokens or speculative cryptocurrencies.

Allaire said that an inordinate amount of the "value created" during the past bull market was generated based on speculation, without considering the usefulness of the products.

From his perspective, it is necessary to take advantage of cryptocurrencies and blockchains to increase the utility value of money, in order to build a financial system that is more open, inclusive, transparent and accessible to all.

To achieve this he proposes that the industry move from a phase of speculative value to one of utility value. And that must be anchored in radically more open and transparent practices.

It is an informative post, it is not an investment advice